At the August 7 Business Forum participants asked questions about PCard use and the Affordability and Efficiency mandate requirements. Following are answers to those questions for the reference of anyone involved in purchasing activity on behalf of Ohio University.
Finance News and Announcements
The Chart of Accounts (COA) Fundamentals course is now available as a “core requirement” for the new Accounting and Purchasing certificates within OHIO Professional Development Pathways. This is an instructor-led course that is only offered at set times, so interested employees should discuss participation opportunities with their supervisors and register for one of the scheduled course times as soon as possible. For those who attended the Chart of Accounts Fundamentals course as part of the Financial System Enhancements project, the content has been updated to include additional information regarding the object segment and the function segment. References to the old Chart have been removed.
Beginning July 1, Accounts Payable has changed the way lease invoices are processed. Previously, invoices for the entire fiscal year were entered at the beginning of the fiscal year. These invoices immediately debited expense accounts and released the encumbrance even though the expense was not paid immediately (it is paid out over the lease period by fiscal year).
As shared in the October 2017 and April 2018 Business Forum, the procurement changes required under Uniform Guidance take effect on July 1, 2018. These changes apply to all federal awards. A federal award can be determined by referring to the Award segment numbering in the chart of accounts. The Award number for a federal award starts with one of the following number schemes: 11XXXXX, 12XXXXX, 21XXXXX, 22XXXXX.